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Stanbic IBTC Revises International Spending Limit on Naira Cards Down to $500

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Stanbic IBTC Bank a Tier-2 lender has revised downwards how much its customers can spend on its International Naira Mastercard by 50% to $500.

In a mail to customers seen by MoneyCentral, Stanbic said :

“This is to inform you that the monthly spend limit for International transactions on your Stanbic IBTC Naira MasterCard, will be revised from $1,000 monthly to $500 monthly with effect from 20th July, 2020,. Daily cash withdrawal limit of $100 remains. Should you have any enquiries on this, please contact your relationship manager, or send an email to our Customer Contact Center through [email protected].”

Nigerian Banks have been struggling to meet dollar demand from customers amid a slide in crude oil prices and demand management of dollars by the Central Bank of Nigeria (CBN).

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